HPCL empowers 28 startups with Rs 27 crore investment: Hardeep Puri

New Delhi, May 17 (IANS) Hindustan Petroleum Corporation Ltd. (HPCL) is fueling the Indian startup ecosystem, and has invested Rs 27 crore to empower 28 startups to date, Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, said on Saturday.

HPCL’s ‘Udgam’ initiative has raised Rs 35 crore so far to support startups in the field of clean and green energy.

“India's energy future is being shaped by innovation. HPCL’s ‘Udgam’ initiative is empowering startups working on green hydrogen and ethanol, smart LPG cylinders and emission control, IoT solutions and cashless technologies and waste-to-energy and carbon capture,” Puri posted on X social media platform.

“Rs 35 crore fund raised. Rs 27 crore invested. 28 startups supported. HPCL is helping build a clean, self-sufficient energy economy,” the minister further stated.

“Thanks to Prime Minister Narendra Modi’s Startup India initiative, which continues to fuel innovation across the country,” he added.

Towards this goal, Oil India Limited is also supporting 15 startups related to various fields like design of hydrogen fuel cell-based e-bus and design of wireless robot for oil well inspection and multi-functional oil and gas operations with a startup fund of Rs 50 crore, the Union Minister informed.

“By giving them wings, Oil India Limited is helping them to turn their dreams into reality. Opening new doors of jobs,” Puri added in a separate X post.

Meanwhile, HPCL reported a standalone net profit of Rs 3,355 crore in for the January-March quarter of financial year 2024-25, which represents an 18 per cent increase over the corresponding figure for the same quarter of 2023-24.

The government-owned oil refining and marketing major’s total income during the fourth quarter came in at Rs 1.19 lakh crore. The company plans to increase the capacity of its Vizag oil refinery in southern India by as much as 20 per cent to meet growing local fuel demand.

—IANS

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